|Approved by||Chief Financial Officer|
|Date Procedure Took Effect||16 April 2002|
|Last Approved Revision||20 November 2008|
|Sponsor||Chief Financial Officer|
|Responsible Officer||Financial Controller|
|Review Date||30 September 2012|
These procedures set out the requirements of the Public Finance Act who may have Bank Accounts and the operation of same within the University.
Cashiers Office - Cashiers Office Financial Services Division
The Public Finance Act requires:
'all money received by [the university] shall, as soon as practicable after it has been received, be paid into the bank account of the [University]. Section 24(2).
To achieve this the University operates a number of bank accounts here in New Zealand as well as Australia and the United States of America.
Who may have a bank account
In general, individual departments do not require bank accounts. In some special circumstances a separate bank account may be appropriate.
All bank accounts require the express approval of the Director, Financial Services prior to opening. This applies to all accounts intended for University or University related purposes.
Where staff are unclear whether an activity is University related or not they should seek guidance from the Financial Services Division Treasury Accountant.
Alternatives to a separate bank account include imprest accounts, cash floats and credit card or EFTPOS. Application, including the circumstances, should be forwarded to the Financial Services Division Treasury Accountant for consideration.
Reconciliation of Bank Accounts
The Cashiers Office is responsible for ensuring all accounts are regularly reconciled on a timely basis.
- main bank account - weekly
- USD currency bank account held onshore in NZ - weekly
- overseas bank accounts - monthly
- imprest bank accounts - minimum quarterly, all at year end 31 December
Several imprest accounts are maintained for specific operations requiring access to a local banking facility. For example the Christchurch and Wellington Schools of Medicine.
The imprest account facilities allow the holder of the account to draw cheques, limited by the level of the imprest balance, which are reimbursed as per University policy from the University main account.
Holders of Imprest Accounts are required to operate these accounts according to the specific instructions issued when the Imprest accounts are opened.
Contact for Further Information
For further information, contact the Financial Controller, extn 9247 or email firstname.lastname@example.org